M/S. APCO INFRATECH PVT. LTD.,,LUCKNOW vs. ACIT-I, LUCKNOW

In the result, appeals vide I

dividend income could not be treated as\nbusiness expenditure and had to be disallowed. The Apex court in the case of\nMaxopp Investment Ltd Vs. CIT(2018) 402 ITR 640 (SC) held that \".... If an\nexpenditure incurred has no causal connection with the exempted income, then such\nan expenditure would obviously be treated as not related to the income that

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD., LUCKNOW

dividend income could not be treated as\nbusiness expenditure and had to be disallowed. The Apex court in the case of\nMaxopp Investment Ltd Vs. CIT(2018) 402 ITR 640 (SC) held that \".... If an\nexpenditure incurred has no causal connection with the exempted income, then such\nan expenditure would obviously be treated as not related to the income that

SH. SUKHVINDER SINGH,KANPUR vs. PR CIT, CENTRAL, KANPUR

In the result, both appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

deemed dividend u/s 2(22)(e) of the Act at the hands of assessee in relation to the advance shown in his name in the books of M/s VCPL and the view taken by Assessing Officer as well as addl. CIT can be considered as one of the possible views, assessment order cannot be treated as erroneous. More so, when

SH. SUKHVINDER SINGH,KANPUR vs. PR CIT, CENTRAL, KANPUR

In the result, both appeals filed by the assessee are allowed for statistical purposes

deemed dividend u/s 2(22)(e) of the Act at the hands of assessee in relation to the advance shown in his name in the books of M/s VCPL and the view taken by Assessing Officer as well as addl. CIT can be considered as one of the possible views, assessment order cannot be treated as erroneous. More so, when

MAHESH MITTAL,LUCKNOW vs. ACIT, RANGE-5, LUCKNOW, LUCKNOW

In the result, the appeal of the assessee is partly allowed

Bench: Shri Kul Bharat & Shri Anadee Nath Misshramahesh Mittal V. Acit, Range-5 1/16, Vinay Khand Gomti Income Tax Office Ashok Nagar, Lucknow-226010. Marg, Lucknow-226001. Pan:Acqpm4459B (Appellant) (Respondent) Appellant By: Shri Akshay Agarwal, Adv Respondent By: Shri Amit Singh Chauhan, Cit(Dr) O R D E R

disallowing the assessee’s claim of exemption u/s 10(38) of the Act, amounting to Rs.4,93,599/- towards Long Term Capital Gain was wrong in the facts and circumstances of the case. He submitted that the assessee purchased the stock of M/s. Ashikca CR during the period of 09.12.2011 to 05.01.2012, for a total amount of Rs.1

SHRI CHETAN SHARMA,KANPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), KANPUR

In the result, both appeals are allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

deemed dividend u/s 2(22)(e) of the Act at the hands of assessee in relation to the advance shown in his name in the books of M/s VCPL and the view taken by Assessing Officer as well as addl. CIT can be considered as one of the possible views, assessment order cannot be treated as erroneous. More so, when

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

U.P. STATE SUGAR CORPORATION LTD.,LUCKNOW vs. DCIT, RANGE-VI, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

DCIT, RANGE-6, LUCKNOW vs. M/S. U.P. STATE SUGAR CORPORATION LTD.,, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

ACIT CIRCLE 3, LUCKNOW vs. RAJDHANI NAGAR SAHKARI BANK LTD, LUCKNOW

In the result, the appeal of the assessee in ITA

Bench: Shri Kul Bharat & Before Shri Kul Bharat & Before Shri Kul Bharat & Shri Nikhil Choudharyshri Nikhil Choudharyshri Nikhil Choudharyita Nos. 112 To 114/Lkw/2024 A.Ys. 2015-16 To 2017-18 Rajdhani Nagar Sahkari Rajdhani Nagar Sahkari Vs. Dcit Bank Ltd P.K. Complex, Raja Ram Mohan P.K. Complex, Raja Ram Mohan 555Ga/86, Sardari Khera, 555Ga/86, Sardari Khera, Rai Marg, Lucknow-226001. 226001. Alambagh, Lucknow-226006 226006 Pan:Aaaar1269D (Appellant) (Respondent) (Respondent) A.Y.2016-17 Acit Circle-3 Vs. Rajdhani Nagar Sahkari Bank Rajdhani Nagar Sahkari Bank 57 Ram Tirath Marg Pratyaksh 57 Ram Tirath Marg Pratyaksh Ltd Kar Bhawan, Lucknow Kar Bhawan, Lucknow-226001 555Ga/86, Sardari Khera, 555Ga/86, Sardari Khera, Alambagh, Lucknow-226006 226006 Pan: Aaaar1269D (Appellant) (Respondent) (Respondent) Assessee By: Sh. K.R. Rastogi, C.A. Sh. Shubham Rastogi, C.A. Revenue By: Sh. Sanjeev Krishna Sharma, Addl. Addl. Cit- Dr Date Of Hearing: 28.04.2025 Date Of Pronouncement: Date Of Pronouncement: 22.05.2025 O R D E R Per Bench.: These Four Appeals Have Been Have Been Filed For The Assessment Years 2015 For The Assessment Years 2015-16, 2016- 17 & 2017-18 By The Assessee & Revenue Ssessee & Revenue Against The Respective Orders Of The Respective Orders Of The Ld. Cit(A)/Nfac, Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024 Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024. While The Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024 Assessee Is In Appeal In Assessment Years 2015 Assessee Is In Appeal In Assessment Years 2015-16, 2016-17 & 2017-18, The Revenue 18, The Revenue

disallowance on account of the powers vested in the AO as per Section 14A(2) of the Act. However, the Ld. CIT(A) had never examined as to whether the satisfaction of the AO for invoking Section 14A and accordingly Rule 8D, was based upon the correct appreciation of the facts or not. Accordingly, the order

RAJDHANI NAGAR SAHKARI BANK LTD,LUCKNOW vs. DY.CIT, LUCKNOW

In the result, the appeal of the assessee in ITA

disallowance on account of the powers vested in the AO as per Section 14A(2) of the Act. However, the Ld. CIT(A) had never examined as to whether the satisfaction of the AO for invoking Section 14A and accordingly Rule 8D, was based upon the correct appreciation of the facts or not. Accordingly, the order

ASSTT. COMMISSIONER OF INCOME TAX, CC-1, LUCKNOW, AAYAKAR BHAWAN, ASHOK MARG, LUCKNOW vs. APCO INFRATECH PVT. LTD., VIBHUTI KHAND GOMTI NAGAR LKO

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

M/S APCO INFRATECH PVT. LTD.,LUCKNOW vs. D/ACIT-1,CENTRAL-1, LUCKNOW

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

M/S. APCO INFRATECH PVT. LTD.,LUCKNOW vs. ACIT-1, LUCKNOW

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

dividend income which is exempted under section 10(33) of the Act and thus, not forming a part of the total income, and therefore the interest paid thereon had to be disallowed under Section 14A. 6. It may be mentioned at this stage that the Assessee has made a distinction between investments in unquoted shares, which

PANKAJ AGARWAL,KANPUR vs. JT.CIT CIRCLE-1(1)(1), KANPUR

In the result, the appeal of the assessee is partly allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2012-13 Pankaj Agarwal, 7/151, Ratan Vs. The Jt. Commissioner Of Majestic, Opp. Sony World, Income Tax, Circle 1(1)(1), Swaroop Nagar, Kanpur-208002 Kanpur-208001 Pan:Abjfs4912R (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Adv Revenue By: Sh. Sanjeev Krishna Sharma Sr Dr & Sh Sunil Kumar Rajwanshi, Addl Cit Dr Date Of Hearing: 10.02.2025 Date Of Pronouncement: 22.04.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Order Passed By The Ld. Cit(A), Nfac Under Section 250 Of The Income Tax Act, 1961 On 21.08.2023. The Grounds Of Appeal Are As Under:- “1. Because The Cit (A) Has The Erred On Facts & In Law In Upholding The Disallowance Of Rs.2,47,02,865/- On Account Of Loss In Trading In Derivatives Business Treating The Same As Capital Loss, As Against Assessee'S Claim Of Business Loss, To Be Set Off Against Other Business Income, Which Order Is Contrary To Facts, Bad In Law, The Disallowance Made By The Ao & Upheld Be Deleted. 2. Because On A Proper Consideration Of The Facts & Circumstances Of The Case & Also On The Interpretation Of The Provisions Of Sec 43(5), It Would Be Found The Loss Of Rs.2,47,02,865/- On Account Of Trading In Derivative Is Neither A Speculative Loss Nor A Capital Loss, The Same Should Ought To Be Set Off Against Other Business Income, The Cit (A) Has Erred, In Treating The Same As Short Term Capital Loss.

disallowance, could be regarded as the satisfaction of the ld. AO for invoking the provisions of section 14A of the Act. Therefore, he held that the ld. AO had rightly invoked the provisions of section 14A of the Act and he dismissed the appeal of the assessee in this regard. On other issues involved in the assessments

NETPLAST PVT.LTD.,KANPUR vs. ACIT CIRCLE 2(3)(1), KANPUR

In the result, the appeal of the assessee is partly allowed

deemed to be the income of the assessee shall not be\nallowed as a deduction under any head of income.”\nThe present case, is case of book entry only, passed through journal\nentry. As explained above, there is no expenditure incurred. Whatever\nexpenditure was incurred, the same incurred in the year 2013, when\nI.T.A. No.320/Lkw/2024\n Assessment Year